Latest Ratios: P/E Ratio 13.8x · EV/EBITDA 6.9x · ROE 9.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $31.4B | $30.0B | $22.1B | $28.0B | $39.4B | $43.0B | $27.4B | $27.9B | $29.4B | — | — |
| Enterprise Value | $43.7B | $42.3B | $34.1B | $39.6B | $50.5B | $53.3B | $37.3B | $38.4B | $36.3B | — | — |
| P/E Ratio → | 13.78 | 13.02 | 32.90 | 22.26 | 5.36 | 13.75 | 56.66 | 27.53 | 8.22 | — | — |
| P/S Ratio | 1.15 | 1.10 | 0.85 | 0.96 | 1.04 | 1.55 | 1.31 | 1.39 | 1.50 | — | — |
| P/B Ratio | 1.26 | 1.19 | 0.91 | 1.11 | 1.52 | 1.81 | 1.22 | 1.22 | 1.20 | — | — |
| P/FCF | 15.43 | 14.74 | 16.02 | 11.35 | 7.00 | 21.46 | 15.47 | 15.75 | 53.89 | — | — |
| P/OCF | 7.71 | 7.36 | 6.26 | 5.53 | 4.86 | 11.06 | 8.26 | 7.62 | 14.31 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.54 | 1.31 | 1.36 | 1.33 | 1.92 | 1.79 | 1.91 | 1.85 | — | — |
| EV / EBITDA | 6.85 | 6.63 | 6.44 | 6.57 | 3.94 | 7.92 | 12.92 | 10.48 | 18.09 | — | — |
| EV / EBIT | 11.03 | 11.12 | 18.19 | 14.59 | 4.69 | 11.51 | 41.35 | 20.55 | 84.17 | — | — |
| EV / FCF | — | 20.75 | 24.68 | 16.07 | 8.96 | 26.63 | 21.05 | 21.63 | 66.57 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.0% | 31.0% | 29.0% | 29.2% | 40.7% | 34.0% | 25.1% | 27.4% | 27.5% | 15.3% | 18.6% |
| Operating Margin | 14.5% | 14.5% | 11.4% | 13.3% | 28.5% | 17.3% | 4.3% | 9.3% | 2.1% | 4.6% | 10.3% |
| Net Profit Margin | 8.4% | 8.4% | 2.6% | 4.3% | 20.2% | 11.4% | 2.2% | 4.9% | 18.2% | 7.2% | 7.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 2.7% | 4.9% | 30.9% | 13.7% | 2.0% | 4.2% | 21.8% | 4.0% | 4.0% |
| ROA | 4.4% | 4.4% | 1.3% | 2.3% | 14.7% | 6.5% | 1.0% | 2.1% | 11.4% | 1.9% | 1.9% |
| ROIC | 8.0% | 8.0% | 6.0% | 7.9% | 22.9% | 10.8% | 2.1% | 4.3% | 1.4% | 1.2% | 2.7% |
| ROCE | 9.8% | 9.8% | 7.3% | 9.5% | 27.8% | 12.5% | 2.4% | 5.0% | 1.6% | 1.3% | 2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.52 | 0.50 | 0.46 | 0.46 | 0.51 | 0.49 | 0.38 | 0.53 | 0.56 |
| Debt / EBITDA | 2.03 | 2.03 | 2.42 | 2.08 | 0.93 | 1.61 | 3.93 | 3.03 | 4.60 | 4.93 | 3.98 |
| Net Debt / Equity | — | 0.48 | 0.49 | 0.46 | 0.43 | 0.44 | 0.44 | 0.46 | 0.28 | 0.52 | 0.56 |
| Net Debt / EBITDA | 1.92 | 1.92 | 2.26 | 1.93 | 0.86 | 1.54 | 3.43 | 2.85 | 3.44 | 4.80 | 3.95 |
| Debt / FCF | — | 6.01 | 8.66 | 4.71 | 1.96 | 5.17 | 5.58 | 5.88 | 12.68 | 7.53 | 12.42 |
| Interest Coverage | 5.44 | 5.44 | 2.83 | 3.38 | 20.35 | 9.75 | 1.73 | 3.34 | 0.78 | 0.88 | 2.11 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 1.15 | 1.17 | 1.14 | 1.11 | 1.35 | 1.17 | 1.40 | 2.07 | 0.82 |
| Quick Ratio | 0.70 | 0.70 | 0.63 | 0.65 | 0.61 | 0.60 | 0.77 | 0.62 | 0.81 | 1.58 | 0.37 |
| Cash Ratio | 0.06 | 0.06 | 0.07 | 0.08 | 0.06 | 0.04 | 0.17 | 0.07 | 0.28 | 0.07 | 0.02 |
| Asset Turnover | — | 0.52 | 0.50 | 0.55 | 0.69 | 0.55 | 0.44 | 0.43 | 0.43 | 0.27 | 0.26 |
| Inventory Turnover | 2.71 | 2.71 | 3.00 | 3.25 | 2.94 | 2.89 | 3.18 | 2.93 | 2.90 | 4.89 | 4.72 |
| Days Sales Outstanding | — | 75.58 | 75.75 | 58.64 | 53.92 | 61.97 | 52.70 | 55.38 | 51.04 | 31.31 | 34.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.4% | 3.6% | 4.8% | 3.7% | 2.6% | 2.4% | 3.8% | 3.7% | 3.2% | — | — |
| Payout Ratio | 46.8% | 46.8% | 157.3% | 82.0% | 13.5% | 33.1% | 224.4% | 103.0% | 26.6% | 100.9% | 240.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.3% | 7.7% | 3.0% | 4.5% | 18.6% | 7.3% | 1.8% | 3.6% | 12.2% | — | — |
| FCF Yield | 6.5% | 6.8% | 6.2% | 8.8% | 14.3% | 4.7% | 6.5% | 6.4% | 1.9% | — | — |
| Buyback Yield | 1.8% | 1.9% | 0.8% | 3.7% | 11.5% | 2.4% | 0.6% | 6.9% | 6.1% | — | — |
| Total Shareholder Yield | 5.2% | 5.5% | 5.6% | 7.4% | 14.1% | 4.8% | 4.3% | 10.6% | 9.4% | — | — |
| Shares Outstanding | — | $487M | $494M | $497M | $540M | $571M | $570M | $583M | $625M | $336M | $336M |
Cyclical commodity price exposure
Based on current market data, Nutrien trades at a forward P/E of 10.83 and an EV/EBITDA of 6.64, suggesting that investors are pricing in a mid-cycle earnings environment rather than the peak profitability levels observed during the 2022 commodity price surge.
The current valuation multiples appear to incorporate a conglomerate discount, as the market struggles to reconcile the high-beta nature of upstream potash and nitrogen production with the lower-margin, inventory-heavy retail distribution business. This pricing suggests that the market remains skeptical of the company's ability to maintain historical margins as global fertilizer prices normalize.
As reported in financial statements, ROIC has trended downward to 0.8% in 2026Q1, reflecting the significant challenges in maintaining efficient capital returns when commodity price tailwinds dissipate and the company's high fixed-cost base remains exposed to cyclical demand fluctuations.
The compression in ROIC suggests that the company is struggling to generate returns above its cost of capital during the current down-cycle. Investors should monitor whether management's capital allocation strategy, particularly regarding brownfield expansions, can improve these returns as the agricultural cycle eventually turns.
According to quarterly data, the cash conversion cycle has fluctuated significantly, reaching 61 days in 2026Q1, which highlights the inherent difficulty in managing inventory and receivables across a massive, geographically dispersed retail network during periods of softening agricultural commodity prices.
The high DIO and DSO figures suggest that the company is carrying substantial inventory risk, which may necessitate future write-downs if spot prices continue to decline. The variability in these efficiency metrics underscores the operational complexity of integrating retail distribution with upstream production assets.
Based on reported figures, the debt-to-EBITDA ratio has fluctuated between 5.69 and 18.45 over the last ten quarters, indicating that while leverage is manageable, the company's interest coverage remains highly sensitive to the volatile earnings generated by its commodity-exposed production segments.
While the current debt-to-equity ratio of 0.55 appears stable, the wide range in interest coverage ratios warrants caution regarding the company's ability to service debt during prolonged cyclical troughs. The balance sheet remains adequate, but the reliance on retail cash flow to offset upstream volatility is a critical monitoring point.
The most commonly misapplied metric for this business model is the retail segment's gross margin, which is often incorrectly viewed as a stable, non-cyclical earnings floor despite being highly correlated with the same commodity price swings that impact the upstream production business.
Analysts frequently overestimate the defensive nature of the retail network, failing to account for the fact that fertilizer and crop protection pricing is inherently linked to global commodity benchmarks. A more accurate assessment would involve adjusting retail margins for inventory valuation impacts and commodity price pass-through lags.
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Quick answers to the most common questions about buying NTR stock.
Nutrien Ltd.'s current P/E ratio is 13.8x. The historical average is 22.5x. This places it at the 50th percentile of its historical range.
Nutrien Ltd.'s current EV/EBITDA is 6.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.1x.
Nutrien Ltd.'s return on equity (ROE) is 9.3%. The historical average is 15.0%.
Based on historical data, Nutrien Ltd. is trading at a P/E of 13.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nutrien Ltd.'s current dividend yield is 3.40% with a payout ratio of 46.8%.
Nutrien Ltd. has 31.0% gross margin and 14.5% operating margin. Operating margin between 10-20% is typical for established companies.
Nutrien Ltd.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.